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Category: Bankruptcy Law
Satisfied Customers: 17066
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Bankruptcy Question When filing a Chapter 13, how do I

Customer Question

Bankruptcy Question:

When filing a Chapter 13, how do I ensure that my monetary assets are protected on the forms; and does listing my home as an "usecured" debt then require the lender to prove the debt is owed by using form F?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 4 years ago.


Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.


You need to list all your assets in your schedules and if you wish to protect them,


you need to state the specific exemption laws that your State has for these assets,


In regards to your home, you need to list it is real property,


and you can list the mortgage as an unsecured creditor if you wish, however the lender than would have to show that it has a security interest in your property.

Customer :

Where do I find these "exemption laws" in my state to protect these assets?


Maryland Bankruptcy Exemptions

Unless otherwise noted, all law references are to the Maryland Code of Courts & Judicial Proceedings.


Property you occupy to $21,625 (spouses may double). Property held as tenancy in the entirety to unlimited amount as to debts of one spouse.

Personal Property

Bus. Reg. 5-503 - Burial plot.

Bus. Reg. 5-602 - Perpetual care trust funds.

Educ. 18-1913 - Prepaid college trust funds.

11-504 - Clothing, household goods, furnishings, appliances, books, and pets up to $1,000 total; health aids; lost future earnings recoveries.


Comm. 15-601.1 - Earned but unpaid wages are exempt as follows: in Caroline, Kent, Queen Anne's, and Worcester counties, the greater of 75% of actual wages or 30 times the federal minimum wage; in all other counties, the greater of 75% or $145 per week.


11 U.S.C. § 522 - Tax exempt retirement accounts (including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans).

11 U.S.C. § 522(b)(3)(C)(n) - IRAS and Roth IRAs to $1,171,150.

State Pers. & Pen. 21-502 - State employees

11-504 - ERISA-qualified benefits, including IRAs, Roth IRAs and Keoghs.

Public Benefits

Labor & Employ. 8-106 - Unemployment compensation.

Labor & Employ. 9-732 - Workers' compensation.

Code of 1957 art. 24 16-103 - Baltimore police death benefits.

Crim. Proc. 11-816 - Crime victims' compensation.

Tools of Trade

11-504 - Tools, books, instruments, appliances, and clothing needed for work up to $5,000.


Ins. 8-431 - Fraternal benefit society benefits.

Ins. 16-111 - Life insurance or annuity contract proceeds, dividends, interest, loan, cash, or surrender value if beneficiary is a dependent of the insured.

Comm. 15-601.1 - Medical benefits deducted from wages as well as medical insurance payments up to $145 per week or 75% of disposable wages.

11-504 - Disability or health benefits.


11-504 - Child support and alimony to the same extent that wages are exempt.


11-504(b)(5) - $6,000 in cash or any property if claimed within 30 days of attachment or levy.

11-504(f) - Any real or personal property up to $5,000 total.



The link above has the above exemptions,


If you have any further questions please do not hesitate to ask


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Customer :

so, how do I protect my "cash" assets? The cash mentioned is under "Wildcard" for $6,000 or did I miss it in the examples listed above? I'm filing a chapter 13 to save my home that's being sold fraudently. However, the only way to stop the sale is through the 13. I don't want to loose my savings inside the BK.

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